Gold is around $ 1,800. Support near $ 1,779 / 74 is proving to be quite strong. Therefore, Karen Jones, head of the FICC technical analysis research team at Commerzbank, favors short-term recovery.
Neutral to positive bias while above $ 1,750
“Gold has tested and held above the $ 1,779 / 74 support several times (38.2% retracement and lows since late August). As long as it is above $ 1,750, the June 29 low, it will stay from neutral to positive. “
“We are in favor of a retest of the $ 1,830 / 34 resistance. This is the location of the July high and the 55-week MA. A close above here is needed to retest the June 4 low of $ 1,856 / 57 and the downtrend of 1,864 (2020-2021). “
“Below $ 1,750, the support is at $ 1,679.80 / $ 1,677.83 and is reinforced by the low of $ 1,670 in June 2020. Below $ 1,670 it would point to the 2018-2021 uptrend at $ 1,592 “.
“$ 1,864 downtrend protects May high of $ 1,916.91”.
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